Personal Finance
The payment of losses is the direct benefit of having this.
What is Insurance?
This is how much stuff is available for consumption.
What is Supply?
This is how we calculate standard of living.
What is GDP per Capita?
This is a tax on imports, paid by the importer.
What are Tariffs?
This is the next best option one is giving up, when making a choice
What is Opportunity Cost?
This is the cost of a line of credit.
What is a Finance Charge?
This is a business structure where there is no distinction between the business and its owner.
What is a Sole Proprietorship?
This is an increasing in prices, decreasing purchasing power.
What is Inflation?
This is the business practice of hiring a party outside a company or country to perform services, usually for lower labor costs.
What is Outsourcing?
Labor, Capital, Natural Resources, and Entrepreneurship
What are the Factors of Production?
Savings is for emergencies; this is for the generation of wealth.
What is Investing?
In this book, Adam Smith advocated that everyone was better off when acting in their own self-interest
What is The Wealth of Nations?
This is the total monetary or market value of all the finished goods and services produced within a country’s borders.
What is GDP?
This is a set of government policies that restrict international trade to help domestic industries.
What is Protectionism?
This is all of the possible things one is giving up when making a choice.
What is a Trade-Off?
This is a measure of your credit worthiness.
What is a Credit Score?
This is the willingness and ability to pay for something.
What is Demand?
This is how we measure inflation.
What is the CPI?
This region of the world has seen the largest economic growth, in the last few years.
What is Southeast Asia?
This is the inability to meet unlimited demand with limited resources; the fundamental problem of economics.
What is Scarcity?
This is a plan for allocating income for saving and spending.
What is a Budget?
This is the ability of the free market to allocate factors of production, goods and services to their most valuable use
What is the Invisible Hand?
This is the part of the economy run by individuals and companies for profit and is not state-controlled.
What is Private Sector?
Under this policy, goods and services can be bought and sold across international borders with little or no government action to inhibit their exchange.
What is Free Trade?
This is an economics system where the means of production are owned by everyone, for the benefit of society, benefits go to each according to their ability to contribute; allows private businesses and private property
What is Socialism?